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The Tether scam theory makes zero sense.
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Date: July 23rd, 2021 12:36 PM Author: Yellow native (http://www.autoadmit.com/thread.php?thread_id=4884078&forum_id=2#42829421) |
Date: July 23rd, 2021 12:38 PM Author: sick candlestick maker Sup exeunt (http://www.autoadmit.com/thread.php?thread_id=4884078&forum_id=2#42829434) |
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Date: July 23rd, 2021 12:38 PM Author: Dun overrated space lol (http://www.autoadmit.com/thread.php?thread_id=4884078&forum_id=2#42829436) |
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Date: July 23rd, 2021 4:53 PM Author: Yellow native Nobody can explain it in a way that makes sense. Nobody. Nobody advancing the scam theory knows what the scam was. It's just a bunch of shrieking and handwaving. (http://www.autoadmit.com/thread.php?thread_id=4884078&forum_id=2#42830928) |
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Date: July 23rd, 2021 4:54 PM Author: Motley pontificating nursing home kitty cat (http://www.autoadmit.com/thread.php?thread_id=4884078&forum_id=2#42830931) |
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Date: July 23rd, 2021 4:56 PM Author: Bisexual flesh nowag gunner The scam is to prop up the value of internet money using fake assets. This is not complicated. I give it a .1 gamergate on the understandability scale. (http://www.autoadmit.com/thread.php?thread_id=4884078&forum_id=2#42830943) |
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Date: July 23rd, 2021 4:58 PM Author: Yellow native That only makes sense because you don't know what you mean by "prop up" or "fake assets." You don't have a clear picture in your head of what is required to "prop up" prices or how the "fake assets" supposedly held by Tether could have been used to do that. (http://www.autoadmit.com/thread.php?thread_id=4884078&forum_id=2#42830953) |
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Date: July 23rd, 2021 4:57 PM Author: Free-loading turquoise son of senegal It makes plenty of sense. You seem low IQ.
Tether creators (also own exchanges) print tethers out of thin air backed by nothing. They lie to the public and say each $1 of tether is backed by $1 or cash or cash equivalents. They proceed to use this funny money to buy Bitcoin and other cryptos, artificially driving up the price. The high price action induces outsiders to buy into crypto and invest real $$$. At some point the people behind the scam sell crypto high, as more people put real $$ in, leaving a higher and higher % of money in crypto just these fake tethers |
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Date: July 23rd, 2021 5:01 PM Author: Yellow native So your theory is that tons and tons of people sold BTC for an empty box that supposedly contained USD (rather than just selling them for USD) in enough volume that the BTC-for-empty-box market came to set the price of BTC? (http://www.autoadmit.com/thread.php?thread_id=4884078&forum_id=2#42830969) |
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Date: July 23rd, 2021 5:05 PM Author: Free-loading turquoise son of senegal No. You really seem stupid. Exchanges have accepted worthless tethers as the equivalent of $$ and this fraud has artificially skyrocketed the price of crypto. That’s what happens when you inject billions of fake money into an ecosystem while keeping the product supply the same (http://www.autoadmit.com/thread.php?thread_id=4884078&forum_id=2#42830987) |
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Date: July 23rd, 2021 5:17 PM Author: Crusty lemon blood rage You literally are saying the same thing using different terms and you’re like, “you’re an idiot, champ.”
Another way to put it is that bitfinex is doing the exact same thing that the fed does when it buys bonds |
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Date: July 23rd, 2021 5:23 PM Author: Yellow native What does "exchanges have accepted" mean to you? An exchange can't settle a USD trade with USDT. (http://www.autoadmit.com/thread.php?thread_id=4884078&forum_id=2#42831096) |
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Date: July 23rd, 2021 5:25 PM Author: Free-loading turquoise son of senegal It means they have taken a totally worthless asset, USDT, treated it as a USD, and permitted USDT to be used exactly as USD is used to buy Bitcoin and other crypto, dramatically artificially inflating the price of crypto. At this point I have to conclude you are being intentionally obtuse (http://www.autoadmit.com/thread.php?thread_id=4884078&forum_id=2#42831114) |
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Date: July 23rd, 2021 5:31 PM Author: sick candlestick maker (http://www.autoadmit.com/thread.php?thread_id=4884078&forum_id=2#42831146) |
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Date: July 23rd, 2021 5:57 PM Author: Yellow native You're just babbling. The "exchanges" are not settling BTC-USD trades with USDT or otherwise permitting USDT to be used to settle a USD trade. They are accommodating BTC-USDT trades at whatever price market participants wish to make them, be that at the BTC-USD price or some other price. (http://www.autoadmit.com/thread.php?thread_id=4884078&forum_id=2#42831273) |
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Date: July 23rd, 2021 6:00 PM Author: Free-loading turquoise son of senegal No, I’m not babbling. You’re some kind of rat trying to play dumb and raise red herrings, why I don’t know (http://www.autoadmit.com/thread.php?thread_id=4884078&forum_id=2#42831288) |
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Date: July 23rd, 2021 5:19 PM Author: obsidian knife I think you're right, there is no scam. I think various totally legit third-party customers totally rolled up to Tether HQ (well, their Telegram channel) and deposited a cool FIFTY billion dollars with them over the past year or so, in order to get the equivalent number of Tethers back at par (minus handling fees of course), so they could use those Tethers to buy crypto with, which they could have done already at fiat exchanges without Tethers. I think this totally happened. (http://www.autoadmit.com/thread.php?thread_id=4884078&forum_id=2#42831081) |
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Date: July 23rd, 2021 5:57 PM Author: misunderstood menage toilet seat (http://www.autoadmit.com/thread.php?thread_id=4884078&forum_id=2#42831277) |
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Date: July 23rd, 2021 5:41 PM Author: Abusive Jap i would assume that the theory is that tens of billions of dollars of btc were purchased with monopoly money to falsely drive the price up. (http://www.autoadmit.com/thread.php?thread_id=4884078&forum_id=2#42831211) |
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Date: July 23rd, 2021 5:49 PM Author: henna idiot rigpig The scam is simple. People pay dollars to tether for USDTs. Tether says that they will keep the dollars to back the tethers. Instead of that, they do other things with the money. (http://www.autoadmit.com/thread.php?thread_id=4884078&forum_id=2#42831245) |
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Date: July 23rd, 2021 6:01 PM Author: Yellow native I like how there are several completely different and contradictory scams here. (http://www.autoadmit.com/thread.php?thread_id=4884078&forum_id=2#42831293) |
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Date: July 23rd, 2021 4:57 PM Author: Naked state stain (http://www.autoadmit.com/thread.php?thread_id=4884078&forum_id=2#42830947) |
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Date: July 23rd, 2021 5:01 PM Author: misunderstood menage toilet seat Initially tether said they enforced the peg by having each USDT be backed by a USD in a bank account. Then tether ran into all sorts of hilarious hijinks over the years, many of which we only found out because they were made public in NYAG litigation, including:
Having all of tether’s money in their lawyer’s personal bank account (May 2017)
Not having any bank account anywhere in the world for 6 months to receive money in. Yet still emitting $400m new tethers in that period .
Failing to complete an audit and settling on an attestation “for transparency”. The morning of the attestation, tether moved $380m from sister company bitfinex into a bank account to pass the verification
Losing $900M to their money launderer, and covering those losses by commingling bitfinex customer funds with tether reserve funds (2018)
Finding the last bank on earth, Deltec Bank from the Bahamas willing to do business with them after Wells Fargo and HSBC fired them as clients. Remember HSBC has the kind of risk tolerance leaving them to willingly deals with drug cartels. No bank wants tether as a client.
Not having any office anywhere in the world, as discovered by Cas Piancey |
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Date: July 23rd, 2021 5:21 PM Author: comical bat-shit-crazy indirect expression shrine To be fair,
Damn this sounds really bad! It's time to get out while you still can and invest your money in something real, like the American Stock Market or Physical Silver (which will be $1,000/oz now any day and you're a total idiot if you believe otherwise trust me I'm a financial scientist and also a real professional metallurgy geologist and a certified expert in being super smart). |
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Date: July 23rd, 2021 5:24 PM Author: misunderstood menage toilet seat 😐 (http://www.autoadmit.com/thread.php?thread_id=4884078&forum_id=2#42831111) |
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Date: July 23rd, 2021 5:25 PM Author: twisted gas station gaping (http://www.autoadmit.com/thread.php?thread_id=4884078&forum_id=2#42831118) |
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Date: July 23rd, 2021 5:26 PM Author: sick candlestick maker Lol @ your meltdown. You cannot see pure fraud right in front of your face no matter how directly it is transmitted to you. Sad to see your mind scrambled but everyone has weak spots I guess. (http://www.autoadmit.com/thread.php?thread_id=4884078&forum_id=2#42831122) |
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Date: July 23rd, 2021 5:38 PM Author: comical bat-shit-crazy indirect expression shrine To be fair,
Guess so. Oh well, I had a good run getting extremely lucky even though "my mind is scrambled" for a solid
*slowly counts fingers, wipes drool off chin, giggles retardedly*
eight years and counting.
http://www.autoadmit.com/thread.php?thread_id=2424641&forum_id=2#24521311 |
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Date: July 23rd, 2021 5:40 PM Author: sick candlestick maker You lucked into the biggest fraud of our lifetimes, making Bernie madoff look small in comparison. Congratulations on your luck . Now enjoy watching reality crash down. (http://www.autoadmit.com/thread.php?thread_id=4884078&forum_id=2#42831198) |
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Date: July 23rd, 2021 5:42 PM Author: comical bat-shit-crazy indirect expression shrine To be fair,
Will do, thank! |
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Date: July 23rd, 2021 5:26 PM Author: sick candlestick maker Great response (http://www.autoadmit.com/thread.php?thread_id=4884078&forum_id=2#42831125) |
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Date: July 23rd, 2021 6:02 PM Author: dark pungent associate (http://www.autoadmit.com/thread.php?thread_id=4884078&forum_id=2#42831302) |
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Date: July 23rd, 2021 5:12 PM Author: arousing greedy degenerate hall When something is worthless, the price stays at $1. The price of something else is sure to go to zero any day now (http://www.autoadmit.com/thread.php?thread_id=4884078&forum_id=2#42831034) |
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Date: July 23rd, 2021 5:30 PM Author: obsidian knife Not every asset is priced in the same manner. There are redemption mechanisms in place that pin Tethers to $1 and they will persist right until any failure at which point the price will go to near zero. (http://www.autoadmit.com/thread.php?thread_id=4884078&forum_id=2#42831142) |
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Date: July 23rd, 2021 5:31 PM Author: sick candlestick maker (http://www.autoadmit.com/thread.php?thread_id=4884078&forum_id=2#42831145) |
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Date: July 23rd, 2021 6:17 PM Author: henna idiot rigpig (Madoff Securities investor on December 10, 2008) (http://www.autoadmit.com/thread.php?thread_id=4884078&forum_id=2#42831374) |
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Date: July 26th, 2021 11:27 PM Author: cream personal credit line potus (http://www.autoadmit.com/thread.php?thread_id=4884078&forum_id=2#42847391) |